Insurance Premium Tax (IPT), which for the purposes of the present specification includes parafiscal taxes, is a government tax payable on insurance premiums. For any given country the rate(s) of tax may vary, and be payable to, different tax-collecting organisations, according to the type of tax. Clearly, where an insurer collects multiple premiums in a large number of countries, the job of determining and paying the correct tax in each country is considerable.
It is an object of the invention to provide a computer-based system for alleviating the work involved in such transactions.